eBay (EBAY) Q3 2026 earnings summary

Executive summary

• Q3 GMV was $23.166B, up 15% reported, 16% FXN and 13% organically; revenue was $3.206B, up 14% reported, 13% FXN and 11% organically.

• Non-GAAP operating income rose 11% to $843M and diluted non-GAAP EPS rose 12% to $1.51; GAAP operating margin and net income declined YoY.

• Strategic priorities represented 72% of GMV and grew ~20% YoY FXN, with momentum across Focus Categories, C2C and recommerce.

Financial highlights

• GAAP operating income was $616M versus $571M; continuing-operations net income was $501M, down 16%, and diluted GAAP EPS was $1.11, down 13%.

• Non-GAAP continuing-operations net income was $685M, up 8%; diluted non-GAAP EPS was $1.51, up 12%.

• Advertising revenue was $607M, including $575M in first-party advertising, up 16%.

• Q3 operating cash flow was $875M and free cash flow was $749M, versus $478M of FCF in Q3'25.

Outlook and guidance

• Q4 guidance: GMV $23.7B–$24.1B, revenue $3.19B–$3.24B, non-GAAP operating income $0.82B–$0.85B and diluted non-GAAP EPS $1.48–$1.53.

• Q4 GMV growth guidance is 12%–14% FXN and 8%–10% organic FXN; Depop is expected to contribute ~4 points to total FXN GMV growth.

• FY26 guidance: GMV $91.5B–$91.9B, revenue $12.62B–$12.67B, non-GAAP operating income $3.46B–$3.49B and diluted non-GAAP EPS $6.25–$6.30.

• FY27 planning anticipates healthy consolidated growth across GMV, revenue, non-GAAP operating income and EPS; trading card growth is expected to moderate against 2026 levels.